Certain Clayton Neighborhoods Will Not Be Eligible For USDA Financing After October 1 2013

Update:

The USDA program is still available in Clayton and Smithfield. The Rural Development Eligibility Maps do not show any areas of these towns as being ineligible.

Which Homes In Clayton No Longer Qualify For USDA 100% Financing

Downtown Clayton

USDA Rural development loans have been really popular with Clayton, NC home buyers in the last number of years and it soon may come to an end. The USDA has new maps showing what areas in Johnston County will no longer be eligible due to the fact that they are no longer considered rural. In fact the whole of Johnston County used to be eligible and so if you were looking for a house in the county, you did not have to be concerned with whether or not the house was eligible. Now you do.

Towns No Longer Considered Rural

The larger municipalities of Clayton and Smithfield are no longer considered rural enough to qualify for a USDA loan and so buyers of homes for sale in these towns will not be able to use the no money down low interest rate offered by the USDA. The shut off date is scheduled for October 1st 2013 and that means that the loan package must be with the USDA by September 30th. This is all depended on the Federal Government passing a Federal Budget and so it’s likely that no resolution will be made for this to happen and the deadline could be extended.

Homes In These Clayton Neighborhoods No Longer Eligible.

Neighborhoods that are in the town limits of Clayton will no longer be eligible for the USDA program and include:

Riverwood Athletic Club

Glen Laurel

Summerlynn

Chandlers Ridge

Cobblestone

Lions Gate

Cassedale

Wynston

Richardson Place

Garrison

There are other neighborhoods and it also includes any home not in a neighborhood but within the town limits. Neighborhoods outside the town limits of both towns in Johnston County will still be eligible for USDA financing and are sure to benefit from the fact that 100% financing for home buyers is available.

Country Store, Clayton,NC

Homes In These Neighborhoods Still Eligible.

Neighborhoods in Johnston County that will still be eligible for USDA Rural Development loans include…

About The Author: The above article was written by David O'Doherty a real estate agent who helps people buy and sell homes. I work in all of Johnston and Wake County. If you have a question or need more information call or text (919) 601-2268 or email irishdavid2011@gmail.com